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Does the Chancellor, George Osborne, consider that the top end of the housing
market is one of the most resilient parts of the UK economy? The answer to
this would seem to be a resounding “yes”.

Osborne seems to have concluded that the introduction of a new 7 per cent top
rate of stamp duty on residences of £2 million-plus would cause resentment
and a halt to activity, but that this hiatus would be temporary,
particularly in London. This calculation is likely to be proved right.
Indeed, some even believe that the 7 per cent rate will raise as much